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In today’s world, packaged foods are considered the best alternative for cooking. Packaged foods are continuously gaining popularity among the urban population owing to several advantages such as ready-to-eat products, easy handling, easy availability, and transport. Demand for packaged food is witnessing robust growth in emerging regions where several factors such as changing consumer preference, rapid change in the consumer lifestyle and standard of living, and increasing disposable income play a crucial role.
Packaged foods have its advantages and benefits. Packaged foods are quick to prepare and convenient to use, it requires less waste management and disposal as it can be reuse or recycle leftover process food to feed animals or compost. Packaged foods are eliminated or minimize the risk of adulteration and tampering, owing to such benefits the consumption of packaged foods are witnessing substantial growth over the past few years.
The importance of hygienic foods has increased significantly over the past few years. Consumer stickiness has shifted permanently in favor of hygiene and healthcare products. Packaged foods go through several stringent regulations and quality checks due to which packaged foods are ultimately becoming hygienic and safe to consume. Hence the increasing importance of hygiene and safe food bolstering the packaged food market in developed as well as in developing regions.
Packaged foods are loaded with a significant amount of preservatives in order to increase the shelf life of the product. The addition of preservatives has vital side effects on the human body such as causing chronic heart and mental disorders, assisting the growth of cancer cells, and others. Increasing awareness regarding the negative impacts of preservatives among consumers, affecting the packaged food market negatively.
Key Market Driver -
Increasing awareness regarding the importance of hygienic food
Key Market Restraint -
Addition of preservatives, negatively impacting the market
The key companies operating in the global packaged food market are, Nestlé, Kraft Food, Inc., Tyson Foods, JBS Food, Kellogg’s, ConAgra Foods, Frito-Lay, Smithfield Food, Inc., LLC, Mann Packing Co., Inc., Misionero, Ready Pac Foods, and Mars, Inc.
Packaged bakery products are gaining traction in the market owing to their increasing demand among kids. Increasing preference for healthy and nutritious foods especially in urban areas, boosting the packaged breakfast products segment, and it is expected to account for a significant share in the packaged food market. Further, increasing awareness regarding safe and hygienic food has also supported the demand rise.
Rapidly growing digitization in developed as well as developing countries bolstering the online/e-commerce distribution channel. E-commerce players are developing long-term supply contracts with the established and regional distributors in order to maintain a smooth supply chain. They are also expanding their footprints continuously in order to generate more revenue.
The supermarkets and hypermarkets are the significant sales channel, as these mass merchandisers are the most convenient one-stop shopping destinations for purchasing packaged foods such as bakery products, dairy products, and others.
Packaged foods are more popular in developed countries such as U.S., Canada, Germany, and others. North America is witnessing a substantial rise in the demand and consumption of packaged food in the past few years, owing to its several benefits such as its provides functional convenience in use or preparation, packaged foods gives a lot of choices to the consumer, it eliminates the risk of food tampering, reduces food spoilage and product damage, and several other advantages.
Europe is expected to hold a prominent share in the global packaged foods market. countries such as Germany, France, Spain, and Italy are a major part of the tourism industry, and tourists prefer packaged food over any local food due to several factors such as hygiene, safety, ease and convenience to use.
Asia Pacific is anticipated to exhibit a significant demand rise for packaged food owing to the growing urban population and health consciousness among consumers. Rapidly emerging countries such as China, India, Indonesia, and Malaysia are expected to hold the leading shares in the Asia Pacific packaged food market. Continuously increasing disposable income in these emerging countries is also assisting the growth of packaged food in this region.
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